Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

AXA buys Paris shopping centres from Hammerson and Eurocommercial for $752 million

Euronews logo
Text size Aa Aa

PARIS (Reuters) – AXA Investment Managers <AXAF.PA> has agreed to buy two Paris shopping and leisure centres for 676 million euros (£608.2 million) from Hammerson <HMSO.L> and Eurocommercial Properties <SIPFc.AS>, adding potentially lucrative retail assets to AXA’s portfolio.

AXA’s investment arm said on Monday that it was buying a 75% stake in Paris’ Italie Deux retail and leisure centre from British property group Hammerson for 473 million euros.

AXA also announced the acquisition of a 50% stake in the ‘Passage du Havre’ complex near Paris’ St Lazare station from Eurocommercial Properties for 203 million euros.

“These transactions provide us with an almost unique opportunity to secure access to two prime central Paris retail destinations, on behalf of clients, both of which would otherwise rarely come to market,” said Antoine Mesnage at AXA IM.

The sales came as Hammerson announced a dip in interim rental income.

(Reporting by Sudip Kar-Gupta; Editing by Kirsten Donovan)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.